Securing the Customer Experience: Verify the ID and the Identity

For lenders and service providers, protecting their businesses while preserving the customer experience has never been tougher. Fraudsters are growing more aggressive in their attacks, while consumers are growing more intolerant of the friction involved in authentication. In many ways photo-capture technologies present a compelling solution to this dilemma, improving the customer experience by reducing data entry associated with traditional authentication processes.

Unfortunately, most of these solutions miss a critical step of verifying the actual identity asserted on the ID. Today, sophisticated counterfeit driver licenses and other forms of government issued IDs capable of defeating document checks are a booming business, allowing fraudsters to pass many image-capture screens. In response, innovative companies looking to leverage photo-capture for authentication are adopting a data-driven strategy that examines both the ID and the identity, protecting their customer experience – and their business.

In this webinar, ID Analytics experts will:

• Provide use cases that demonstrate the challenges of authenticating consumers
• Discuss best practices to safely leverage photo-capture technology
• Demonstrate a data-driven evaluation of a document and its related identity information

Alternative data has gone from a bleeding edge tool to evaluate credit invisible applicants to an essential best practice for better assessing applicants from across the credit spectrum. While customer acquisition remains the most common use case, ID Analytics has seen increasing interest from lenders in expanding the use of alternative data across the customer journey, including within the portfolio management space. With another economic downturn potentially on the horizon, better understanding the true credit risk of your customers may quickly become an essential best practice. The time has come to truly examine the value of alternative credit data for portfolio management.

In this webinar, Ken Meiser will discuss the status of alternative data in the credit landscape today along with the benefits enterprises have found in gaining a more complete picture of a consumer’s creditworthiness. Carmel Maher will share ID Analytics newest research examining the value of using alternative data in new areas of the credit lifecycle. Through data-driven analysis and best practices, Carmel will reveal how enterprises can strengthen and expand relations with customers showing improved financial stability and uncover early signs of financial distress to help mitigate losses.

The only constant in the consumer credit industry during the past decade was disruption. The financial crisis and new regulations forced many banks to tighten lending standards, while fintech innovation and marketplace lending provided new channels and sources of credit. In an ever-changing credit ecosystem, alternative data provides insight to help enterprises see a more complete picture of consumer behavior and creditworthiness.

Perhaps the most widely known benefit of alternative data is the ability to uncover prospects who lack established credit histories including, millennial, thin-file, and no-hit consumers. Alternative data brings even more advantages across the credit spectrum. It identifies consumers who are underestimated by traditional scoring models and credit-rising individuals that fly under the bureaus’ radar, further separates risk within a credit score band and increases the competitiveness of product offers.

The rise of machine learning technology in recent years has provided businesses, particularly financial institutions, with advanced capabilities in preventing and detecting identity fraud at account opening. However, there are many arguments regarding the best practices in identity fraud defense, including the role of machine learning in pinpointing risks. The message is clear: a strong fraud defense requires machine learning, but equally requires strong underlying data and well-practiced fraud operations procedures to make it effective.

Businesses should consider a number of factors before moving forward with a machine learning-based fraud detection and prevention solution.

In this Webcast, a seasoned panel of thought leaders and professionals will provide and present an in-depth analysis of employing machine learning in detecting and preventing fraud. Speakers will also provide practical tips and strategies to ensure that potentials are maximized, and pitfalls are mitigated.

Kevin King, Head of Product Marketing at ID Analytics and Leslie Parrish, Senior Research Analyst at Aite

Over the past few years alternative data has emerged as a critical best practice for card issuers – offering a more complete picture of consumer creditworthiness, and with that an opportunity to fine tune competitive lending strategies. But keeping track of best practices in such a rapidly evolving space is no easy task.

This presentation will provide an update on the world of alternative credit data, shedding new light on its ability to assess credit invisibles, its application in prescreen and portfolio management use cases, and clarifying the pros and cons of contributed vs. permissioned alternative data solutions. By providing a current snapshot of the opportunities and landmines, this presentation will deliver an essential perspective to help lenders demystify the world of alternative data in 2019.

Carmel Maher, Senior Product Marketing Manager for ID Analytics presented alongside Deshietha Partee-Grier, AVP Financial Crime Investigations Unit and Sandeep Dhadda, Director, Head of Advanced Analytics for CitiGroup bring the audience to a road beyond the basics of Synthetic Identity Fraud and as they delve into the depth-analysis of mitigating the risks of fraudulent activities through various anti-fraud measures.

The prevalence of fraud in the marketplace has remained to be one of the most challenging threats that most businesses face nowadays. Thus, urging companies to stay ahead of the latest fraud-detection measures and technologies to prevent the proliferation of such activities. Among the most pervasive types of identity fraud is Synthetic Identity Fraud which may have accounted for 5% of uncollected debt and up to 20% of credit losses in the past years.

Concurrent with the evolving sophisticated fraud tactics, it becomes more important for businesses and organizations to keep themselves abreast of the various strategies and Anti-Fraud measures that will help diminish and significantly slow down the proliferation of Synthetic Identity Fraud cases. Companies must stay updated of the latest threats and developments in this rapidly evolving landscape while minimizing consequences for consumers.

Join a panel of key thought leaders assembled by The Knowledge Group as they bring the audience to a road beyond the basics of Synthetic Identity Fraud and as they delve into the depth-analysis of mitigating the risks of fraudulent activities through various anti-fraud measures. Speakers will also provide the audience with best practices, approaches and preventive measures on diminishing such cases.

Kevin King and Carmel Maher, ID Analytics and Julie Conroy, Aite Group

Synthetic identity fraud – the act of creating a fake identity to access goods or services – has become a top-of-mind threat for many American financial institutions. Recent research from the Aite Group suggests that synthetic identity fraud losses equate to 20-30% of all credit write-offs, resulting in total losses between $6-9B annually. Synthetic identity fraud is difficult to distinguish from legitimate consumers and without a specific victim to confirm a crime – this type of fraud carries a low-risk, high-reward proposition for criminals that often sits unidentified in a lender’s credit losses.

In this on-demand webinar, Kevin King and Carmel Maher from ID Analytics along with Julie Conroy from Aite Group, will provide a comprehensive overview of synthetic identity fraud and discuss the factors contributing to the rising impact of this threat. ID Analytics will share new research findings which outline the key differences between synthetic fraud and traditional fraud and credit risk behavior, as well as describe how synthetics are able to circumvent today’s processes. Synthetic identity fraud is a multifaceted problem, one which has left many lenders feeling helpless. There is light at the end of the tunnel; ID Analytic will share best practices for optimizing your detection and prevention strategy to tackle synthetic identity fraud head-on.

What is your mother’s maiden name? What street did you grow up on? We’re all familiar with answering these types of questions to verify ourselves during account opening or access. Knowledge-based authentication, or KBA, has been an industry-standard identity verification / authentication tool for nearly two decades. When initially deployed, it was highly effective and the friction it created was often overlooked because consumer expectations were different. Fast forward to today – its effectiveness has dropped considerably, and the user experience is widely considered egregious because we live in a digital world where instant is the expectation. In this webinar we’ll discuss how the digital transformation is impacting both consumers and enterprises in such a way that KBA can no longer survive. We’ll demonstrate how innovative ID verification helps enterprises reduce their exposure to fraud risk and deliver convenience that meets the expectations of today’s digital consumer.

Over the past decade, the U.S. lending market has seen adoption of alternative credit data in underwriting strategies steadily grow. Initially a fringe technology, today the use of alternative credit data to assess applicants without a bureau score from the three National Credit Reporting Agencies (NCRAs) has become mainstream. Yet even with this spike in adoption, the majority of U.S. credit decisions continue to focus strictly on the traditional credit data offered in a typical FICO score.

Given this context - what’s the next evolution for alternative credit data in the United States? Which consumer segments and what use cases are the likely next step in lender’s adoption of these powerful and under leveraged insights? Join Jason Heil and Carmel Maher, as they explore the landscape and future state of alternative credit data.

For lenders and service providers, protecting their businesses while preserving the customer experience has never been tougher. Fraudsters are growing more aggressive in their attacks, while consumers are growing more intolerant of the friction involved in authentication. In many ways photo-capture technologies present a compelling solution to this dilemma, improving the customer experience by reducing data entry associated with traditional authentication processes.

Unfortunately, most of these solutions miss a critical step of verifying the actual identity asserted on the ID. Today, sophisticated counterfeit driver licenses and other forms of government issued IDs capable of defeating document checks are a booming business, allowing fraudsters to pass many image-capture screens. In response, innovative companies looking to leverage photo-capture for authentication are adopting a data-driven strategy that examines both the ID and the identity, protecting their customer experience – and their business.

In this webinar, ID Analytics experts will:

• Provide use cases that demonstrate the challenges of authenticating consumers
• Discuss best practices to safely leverage photo-capture technology
• Demonstrate a data-driven evaluation of a document and its related identity information

Every day, identity thieves try any number of approaches to defraud lenders and service providers at account opening…but how do they behave on the biggest retail days of the year? Is fraud more or less common on these days? Do fraudsters alter their techniques to maximize success? As Black Friday and the retail season approaches, this webinar will shed new light on how fraudsters behave during these critical moments, and how that behavior shifts the calculus of fraud strategies seeking to balance business needs and risk

In this webinar, ID Analytics experts will:

• Review new research on how application volume and fraud risk shifts during peak retail days
• Discuss fraud strategy best practices for high application volume periods
• Detail new solutions and capabilities to help lenders and retailers safely thrive during the retail season

Does your enterprise want to improve your account opening authentication process? How about provide a seamless digital experience when consumers apply at your institution? Digital channel fraud is rapidly evolving, but technology is now available to increase security while reducing friction in the customer journey. Many technologies focus on validating the document a consumer provides for authentication—looking for signs the ID may be fake— yet fail to verify the identity associated with the ID. There are consequences when institutions ignore this gap in authentication.

In this webinar, ID Analytics experts will discuss:

• Common authentication challenges and fraud trends
• How to balance the customer experience with risk exposure
• A data-driven approach to verifying the identity and the document